Medical Coding Market Size | Trends | Key Companies

[sara James]

The global Medical Coding Market size is expected to reach USD 71.47 billion by 2030, growing at a CAGR of 10.22% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is expected to witness substantial growth due to several key factors driving the healthcare landscape. One major growth driver is the increasing number of insurance frauds, necessitating robust systems to mitigate financial losses. In June 2024, the U.S. Department of Justice's National Health Care Fraud Enforcement Action highlighted this issue, with criminal charges filed against 193 defendants, including 76 doctors and other licensed medical professionals across 32 federal districts. Accurate medical coding is crucial for minimizing these risks as it ensures precise billing and documentation, thus making fraudulent activities more detectable.

Another factor driving the market is the growing need for a universal language to streamline billing processes. Standardized coding systems, such as ICD-10, facilitate clear communication among healthcare providers, insurers, & patients, reducing errors and improving efficiency. This standardization is vital as the healthcare industry is increasingly adopting digital health records and telemedicine, which require consistent and accurate coding practices. Advancements in medical coding technologies also play a significant role. Companies are leveraging Artificial Intelligence (AI) and machine learning to enhance coding accuracy & efficiency. For instance, in November 2023, AAPC, a Utah-based medical billing, coding, and auditing firm, acquired Semantic Health, a Toronto-based AI startup. This acquisition aimed to integrate AI technology into AAPC’s offerings, improving hospitals' coding, auditing, and documentation processes.

Related Press Release@ Medical Coding Market Report

Medical Coding Market Report Highlights

• Based on component, the outsourced segment dominated the market in 2023. This can be attributed to the growing emphasis on cost reduction & operational efficiency within healthcare organizations and the rise in volume of patient information & healthcare data.
• North America held the largest share in 2023, which can be attributed to the presence of major market players and the widespread adoption of medical coding for accurate billing & efficient healthcare management.
• In November 2023, GE HealthCare partnered with CodaMetrix to introduce CMX Automate, a cloud-based autonomous coding solution, to its customers.
• This partnership allowed GE HealthCare customers to swiftly benefit from CodaMetrix’s solution, which uses AI-powered autonomous medical coding to enhance both coding quality and efficiency.

Medical Coding Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 39.86 billion
Revenue forecast in 2030	USD 71.47 billion
Growth rate	CAGR of 10.22% from 2024 to 2030
Actual data	2018 - 2023
Forecast period	2024 - 2030
Report updated	August 2024

 

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Medical Coding Market Segmentation

Grand View Research has segmented the global medical coding market based on component and region:

Medical Coding Component Outlook (Revenue, USD Million, 2018 - 2030)

• Outsourced
• In-house

Medical Coding Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• • U.S.
  • Canada
  • Mexico
• Europe
• • UK
  • Germany
  • France
  • Italy
  • Spain
  • Norway
  • Denmark
  • Sweden
• Asia Pacific
• • Japan
  • China
  • India
  • Australia
  • South Korea
  • Thailand
• Latin America
• • Brazil
  • Argentina
• Middle East and Africa (MEA)
• • South Africa
  • Saudi Arabia
  • UAE
  • Kuwait

List of Key Players in the Medical Coding Market

• Aviacode, Inc.
• Dolbey Systems, Inc.
• GeBBS
• Maxim Healthcare Services
• Nuance Communications Inc. (Microsoft)
• Optum, Inc.
• Oracle
• Paraxel International Corporation
• STARTEK
• The Coding Network, LLC

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